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SALES ABSORPTION REPORT

VANCOUVER, BC | JUNE 2012

Vancouver real estate market statistics to keep you

ON TOP OF THE MARKET

JEFF FITZPATRICK PERSONAL REAL ESTATE CORPORATION

488 Drake Street Vancouver, BC V6B 5S9 jefffitzpatrick.com | jfitzpatrick@sothebysrealty.ca | 604.612.6120


INTRODUCTION | JUNE 2012

SALES ABSORPTION REPORT

Our monthly sales absorption report is designed to keep you up-to-date and on top of the market. Every report analyzes the real estate markets in North and West Vancouver, Downtown, and the East and West side of the city in terms of monthly sales, listings, and absorption rates. The data is further broken down by price, residential type and the number of bedrooms. In addition to statistics, a graph presents the past two years of sales, and a featured properties page which showcases our most recent listings and/or sold properties. To help you better understand the contents of the report, we’ve compiled a list of definitions and explanations of how we came about certain statistics: ACTIVE LISTINGS The number of properties on the market. This number only includes those listed on the Multiple Listing Service (MLS); properties not listed on the MLS, such as “For Sale By Owners”, are not accounted for. This number is dynamic and constantly changes; new properties get listed and others are sold, terminated, cancelled, or expire. ATTACHED PROPERTY A property that shares a common wall with another property such as a condo, apartment, townhome, duplex, triplex, etc. DAYS ON MARKET (DOM) The number of days a listing is active on the MLS before it is sold. Our report showcases the average days on market which is calculated by adding all the days on market of each listing and dividing it by the number of listings for that month. In a buyer’s market, the DOM is generally higher because inventory takes longer to sell and in a seller’s market, the DOM is fewer. DETACHED PROPERTY A property with no shared walls; a free standing house. MONTH’S SUPPLY The number of months it would take at the current absorption rate, assuming no new properties are listed, for all of the currently listed properties to sell. The widely accepted equilibrium benchmark in the industry is 5 months’ supply. At 5 months’ supply, the buyers are absorbing the existing inventory at a rate that stabilizes pricing; ergo, the supply demand curves are at equilibrium. A market with greater than 5 months’ supply is considered a buyer’s market and one with less than 5 months’ supply is a seller’s market. For example, if the market had only 2 months’ worth of supply available, pricing would be trending up (in favour of sellers, hence a “seller’s market”). Conversely, an environment with 10 months’ supply would be putting downward pressure on pricing (benefiting buyers) as buyers have more variety of properties to select from. SALES ABSORPTION RATE The rate at which homes sell in an area; the higher the absorption rate, the faster homes are selling. To calculate the absorption rate, take the number of homes sold in a month and divide it by the total number of listings available that month. The real estate market is dynamic and constantly changing, this report and its contents are our best representation of the market at the time the report was created. If you have any questions, suggestions on how we can make the report better, or would like to know where the market is at this very moment, please give us a call anytime!

E. & O.E.: This information is from sources which we deem reliable, but must be verified by prospective Purchasers and may be subject to change or withdrawal. If your property is listed with a real estate broker, please disregard. It is not our intention to solicit the offerings of other real estate brokers. Independently Owned and Operated.

JEFF FITZPATRICK PERSONAL REAL ESTATE CORPORATION

488 Drake Street Vancouver, BC V6B 5S9 jefffitzpatrick.com | jfitzpatrick@sothebysrealty.ca | 604.612.6120

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DOWNTOWN | JUNE 2012

DOWNTOWN (ATTACHED ONLY) DOWNTOWN (ATTACHED ONLY)

Includes Downtown, West End, Yaletown & Coal Harbour

June’s overall absorption was 11.27%, which represents 8.9 months worth of supply (buyer’s market)

There was one less listing but 39 fewer sales in June than in May

Average sale price in June was $649,520, a decrease of $27,378 (-4.04%) from May’s average

Average DOM in June was 37 days; properties sold 9 days faster than in May

DOWNTOWN Active Listings Number of Sales Average Listing Price Average Sale Price Average DOM Overall Absorption

May 1803 242 $710,290 $676,898 46 13.42%

June 1802 203 $674,840 $649,520 37 11.27%

% Change -0.06% -16.12% -4.99% -4.04% -19.57% -16.07%

Price Range 0 - 300,000 300,001 - 400,000 400,001 - 500,000 500,001 - 600,000 600,001 - 700,000 700,001 - 800,000 800,001 - 900,000 900,001 - 1,000,000 1,000,001 - 1,250,000 1,250,001 - 1,500,000 1,500,001 - 1,750,000 1,750,001 - 2,000,000 2M+ TOTAL

# of Listings 97 276 348 261 169 117 98 65 92 66 38 34 141 1802

# of Sales 13 44 43 35 18 9 11 8 7 6 0 3 6 203

Absorption Rate 13.40% 15.94% 12.36% 13.41% 10.65% 7.69% 11.22% 12.31% 7.61% 9.09% 0.00% 8.82% 4.26% 11.27%

Unit Type Studio One Bedroom Two Bedroom Three Bedroom+ TOTAL

# of Listings 95 685 889 133 1802

# of Sales 15 85 96 7 203

Absorption Rate 15.79% 12.41% 10.80% 5.26% 11.27%

JEFF FITZPATRICK PERSONAL REAL ESTATE CORPORATION

488 Drake Street Vancouver, BC V6B 5S9 jefffitzpatrick.com | jfitzpatrick@sothebysrealty.ca | 604.612.6120

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VANCOUVER WESTSIDE | JUNE 2012

VANCOUVER VANCOUVER WESTSIDE WESTSIDE

ATTACHED Excludes Downtown, West End, Yaletown & Coal Harbour Overall absorption was 11.30%, which represents 8.8 months worth of supply (buyer’s market) Average sale price in June was $649,514, an increase of $13,661 (2.15%) from May’s average Average DOM in June was 43 days; properties sat on the market for 6 days longer than in May

DETACHED Excludes Downtown, West End, Yaletown & Coal Harbour The absorption rate in June was 7.78%, which represents 12.9 months worth of supply (strong buyer’s market) Average sale price in June was $2,419,632, an increase of $281,148 (13.15%) from May’s average Average DOM in June was 35 days; properties required the same amount of time as May to sell

ATTACHED Active Listings Number of Sales Average Listing Price Average Sale Price Average DOM Overall Absorption

May 1585 209 $651,185 $635,853 37 13.19%

June 1558 176 $673,197 $649,514 43 11.30%

% Change -1.70% -15.79% 3.38% 2.15% 16.22% -14.33%

DETACHED Active Listings Number of Sales Average Listing Price Average Sale Price Average DOM Overall Absorption

May 1278 82 $2,208,957 $2,138,484 35 6.42%

June 1299 101 $2,556,998 $2,419,632 35 7.78%

% Change 1.64% 23.17% 15.76% 13.15% 0.00% 21.18%

Price Range 0 - 300,000 300,001 - 400,000 400,001 - 500,000 500,001 - 600,000 600,001 - 700,000 700,001 - 800,000 800,001 - 900,000 900,001 - 1,000,000 1,000,001 - 1,250,000 1,250,001 - 1,500,000 1,500,001 - 1,750,000 1,750,001 - 2,000,000 2M+ TOTAL

# of Listings 58 210 266 207 201 140 128 88 105 78 31 20 26 1558

# of Sales 12 23 51 26 15 7 13 5 13 6 1 0 4 176

Absorption Rate 20.69% 10.95% 19.17% 12.56% 7.46% 5.00% 10.16% 5.68% 12.38% 7.69% 3.23% 0.00% 15.38% 11.30%

Price Range 0 - 800,000 800,001 - 900,000 900,001 - 1,000,000 1,000,001 - 1,250,000 1,250,001 - 1,500,000 1,500,001 - 1,750,000 1,750,001 - 2,000,000 2,000,001 - 2,250,000 2,250,001 - 2,500,000 2,500,001 - 2,750,000 2,750,001 - 3,000,000 3 - 4M 4M+ TOTAL

# of Listings 2 1 8 28 99 118 144 76 117 100 113 262 231 1299

# of Sales 0 0 2 9 13 20 9 12 7 8 5 7 9 101

Absorption Rate 0.00% 0.00% 25.00% 32.14% 13.13% 16.95% 6.25% 15.79% 5.98% 8.00% 4.42% 2.67% 3.90% 7.78%

Unit Type Studio One Bedroom Two Bedroom Three Bedroom+ TOTAL

# of Listings 26 461 809 262 1558

# of Sales 2 62 96 16 176

Absorption Rate 7.69% 13.45% 11.87% 6.11% 11.30%

Unit Type Two Bedroom & Under Three Bedroom Four Bedroom Five Bedroom+ TOTAL

# of Listings 31 124 303 841 1299

# of Sales 7 16 30 48 101

Absorption Rate 22.58% 12.90% 9.90% 5.71% 7.78%

JEFF FITZPATRICK PERSONAL REAL ESTATE CORPORATION

488 Drake Street Vancouver, BC V6B 5S9 jefffitzpatrick.com | jfitzpatrick@sothebysrealty.ca | 604.612.6120

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VANCOUVER EASTSIDE | JUNE 2012 VANCOUVER WESTSIDE | APRIL 2012

VANCOUVER EASTSIDE

ATTACHED Overall absorption for June was 16.68%, which represents 6.0 months worth of supply (buyer’s market) Number of active listings decreased by 16 listings to 1025, while sales increased by 9 to 171 Average sale price in June was $416,290, a decrease of $24,084 (-5.47%) from May’s average Average DOM was 32 days; properties sat on the market for1 day longer in June than in May

ATTACHED Active Listings Number of Sales Average Listing Price Average Sale Price Average DOM Overall Absorption

May 1041 162 $445,155 $440,374 31 15.56%

June 1025 171 $425,162 $416,290 32 16.68%

% Change -1.54% 5.56% -4.49% -5.47% 3.23% 7.20%

Price Range 0 - 250,000 250,001 - 300,000 300,001 - 400,000 400,001 - 500,000 500,001 - 600,000 600,001 - 700,000 700,001 - 800,000 800,001 - 900,000 900,001 - 1,000,000 1,000,001 - 1,250,000 1,250,001 - 1,500,000 1,500,001 - 1,750,000 1,750,001 - 2,000,000 2M+ TOTAL

# of Listings 99 175 291 183 94 86 53 18 10 8 3 2 3 0 1025

# of Sales 15 19 55 49 8 12 11 1 1 0 0 0 0 0 171

Absorption Rate 15.15% 10.86% 18.90% 26.78% 8.51% 13.95% 20.75% 5.56% 10.00% 0.00% 0.00% 0.00% 0.00% 16.68%

Unit Type Studio One Bedroom Two Bedroom Three Bedroom+ TOTAL

# of Listings 39 448 361 177 1025

# of Sales 4 68 70 29 171

Absorption Rate 10.26% 15.18% 19.39% 16.38% 16.68%

JEFF FITZPATRICK PERSONAL REAL ESTATE CORPORATION

DETACHED June’s absorption rate was 12.63%, which represents 7.9 months worth of supply (buyer’s market) Active listings totalled 863 in June, an increase of 30 while sales decreased by 44 to 109 Average sale price in June was $903,322, a decrease of $21,443 (-2.32%) from May’s average Average DOM in June was 24 days; properties took 1 day longer than in May to sell

DETACHED Active Listings Number of Sales Average Listing Price Average Sale Price Average DOM Overall Absorption

May 833 153 $928,702 $924,765 23 18.37%

June 863 109 $919,389 $903,322 24 12.63%

% Change 3.60% -28.76% -1.00% -2.32% 4.35% -31.23%

Price Range 0 - 500,000 500,001 - 600,000 600,001 - 700,000 700,001 - 800,000 800,001 - 900,000 900,001 - 1,000,000 1,000,001 - 1,250,000 1,250,001 - 1,500,000 1,500,001 - 1,750,000 1,750,001 - 2,000,000 2M+ TOTAL

# of Listings 4 3 53 135 168 142 177 117 39 15 10 863

# of Sales 0 0 12 27 22 23 19 6 0 0 0 109

Absorption Rate 0.00% 0.00% 22.64% 20.00% 13.10% 16.20% 10.73% 5.13% 0.00% 0.00% 0.00% 12.63%

Unit Type Two Bedroom & Under Three Bedroom Four Bedroom Five Bedroom+ TOTAL

# of Listings 40 89 161 573 863

# of Sales 5 19 29 56 109

Absorption Rate 12.50% 21.35% 18.01% 9.77% 12.63%

488 Drake Street Vancouver, BC V6B 5S9 jefffitzpatrick.com | jfitzpatrick@sothebysrealty.ca | 604.612.6120

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NORTH VANCOUVER | JUNE 2012

NORTH VANCOUVER

• •

ATTACHED Overall absorption was 11.06%, which represents 9.0 months worth of supply (buyer’s market) June had 28 fewer listings and 42 fewer sales than May Average selling price in June was $451,775, a decrease of $39,557 (-8.05%) from May’s average Average DOM in June was 41 days; properties sat on the market for 4 days longer than in May

DETACHED The absorption rate in June was 13.13%, which represents 7.6 months worth of supply (buyer’s market) Compared to May, June had 5 fewer listings and 50 fewer sales Average sale price in June was $1,068,165, a decrease of $12,056 (-1.12%) from May’s average Average DOM was 23 days; properties required the same amount of time as May to sell

ATTACHED Active Listings Number of Sales Average Listing Price Average Sale Price Average DOM Overall Absorption

May 842 132 $498,978 $491,332 37 15.68%

June 814 90 $460,316 $451,775 41 11.06%

% Change -3.33% -31.82% -7.75% -8.05% 10.81% -29.47%

DETACHED Active Listings Number of Sales Average Listing Price Average Sale Price Average DOM Overall Absorption

May 561 123 $1,088,578 $1,080,221 23 21.93%

June 556 73 $1,092,394 $1,068,165 23 13.13%

% Change -0.89% -40.65% 0.35% -1.12% 0.00% -40.12%

Price Range 0 - 300,000 300,001 - 400,000 400,001 - 500,000 500,001 - 600,000 600,001 - 700,000 700,001 - 800,000 800,001 - 900,000 900,001 - 1,000,000 1,000,001 - 1,250,000 1,250,001 - 1,500,000 1,500,001 - 1,750,000 1,750,001 - 2,000,000 2M+ TOTAL

# of Listings 122 206 143 126 80 57 33 21 13 4 3 2 4 814

# of Sales 18 24 21 11 8 5 1 0 2 0 0 0 0 90

Absorption Rate 14.75% 11.65% 14.69% 8.73% 10.00% 8.77% 3.03% 0.00% 15.38% 0.00% 0.00% 0.00% 0.00% 11.06%

Price Range 0 - 800,000 800,001 - 900,000 900,001 - 1,000,000 1,000,001 - 1,250,000 1,250,001 - 1,500,000 1,500,001 - 1,750,000 1,750,001 - 2,000,000 2,000,001 - 2,250,000 2,250,001 - 2,500,000 2,500,001 - 2,750,000 2,750,001 - 3,000,000 3 - 4M 4M+ TOTAL

# of Listings 66 90 58 117 98 35 31 17 19 4 9 5 7 556

# of Sales 11 18 9 25 5 1 1 2 0 0 0 1 0 73

Absorption Rate 16.67% 20.00% 15.52% 21.37% 5.10% 2.86% 3.23% 11.76% 0.00% 0.00% 0.00% 20.00% 0.00% 13.13%

Unit Type Studio One Bedroom Two Bedroom Three Bedroom+ TOTAL

# of Listings 18 244 383 169 814

# of Sales 1 22 48 19 90

Absorption Rate 5.56% 9.02% 12.53% 11.24% 11.06%

Unit Type Two Bedroom & Under Three Bedroom Four Bedroom Five Bedroom+ TOTAL

# of Listings 29 124 175 228 556

# of Sales 3 19 26 25 73

Absorption Rate 10.34% 15.32% 14.86% 10.96% 13.13%

JEFF FITZPATRICK PERSONAL REAL ESTATE CORPORATION

488 Drake Street Vancouver, BC V6B 5S9 jefffitzpatrick.com | jfitzpatrick@sothebysrealty.ca | 604.612.6120

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WEST VANCOUVER | JUNE 2012

WEST VANCOUVER

• •

ATTACHED June’s overall absorption was 9.69%, which represents 10.3 months worth of supply (buyer’s market) June had 20 fewer listings and 12 fewer sales than May Average sale price in June was $1,011,052, a decrease of $89,973 (-8.17%) from May’s average Average DOM in June was 62 days; properties required 15 more days than in May to sell

DETACHED June’s overall absorption was 7.15%, which represents 14 months worth of supply (strong buyer’s market) There were 9 more listings and 22 fewer sales in June than in May Average sale price in June was $2,421,851 an increase of $13,0711 (5.71%) from May’s average Average DOM was 54 days in June; properties sat on the market for 1 day longer than in May

ATTACHED Active Listings Number of Sales Average Listing Price Average Sale Price Average DOM Overall Absorption

May 216 31 $1,147,535 $1,101,025 47 14.35%

June 196 19 $1,061,668 $1,011,052 62 9.69%

% Change -9.26% -38.71% -7.48% -8.17% 31.91% -32.46%

DETACHED Active Listings Number of Sales Average Listing Price Average Sale Price Average DOM Overall Absorption

May 648 69 $2,420,637 $2,291,140 53 10.65%

June 657 47 $2,599,193 $2,421,851 54 7.15%

% Change 1.39% -31.88% 7.38% 5.71% 1.89% -32.82%

Price Range 0 - 300,000 300,001 - 400,000 400,001 - 500,000 500,001 - 600,000 600,001 - 700,000 700,001 - 800,000 800,001 - 900,000 900,001 - 1,000,000 1,000,001 - 1,250,000 1,250,001 - 1,500,000 1,500,001 - 1,750,000 1,750,001 - 2,000,000 2M+ TOTAL

# of Listings 5 11 14 20 11 25 20 16 12 20 17 2 23 196

# of Sales 1 3 1 0 3 1 1 1 2 3 1 1 1 19

Absorption Rate 20.00% 27.27% 7.14% 0.00% 27.27% 4.00% 5.00% 6.25% 16.67% 15.00% 5.88% 50.00% 4.35% 9.69%

Price Range 0 - 800,000 800,001 - 900,000 900,001 - 1,000,000 1,000,001 - 1,250,000 1,250,001 - 1,500,000 1,500,001 - 1,750,000 1,750,001 - 2,000,000 2,000,001 - 2,250,000 2,250,001 - 2,500,000 2,500,001 - 2,750,000 2,750,001 - 3,000,000 3M - 4M 4M+ TOTAL

# of Listings 20 6 17 24 65 64 56 34 47 37 55 88 144 657

# of Sales 2 1 0 4 6 8 7 4 0 2 2 4 7 47

Absorption Rate 10.00% 16.67% 0.00% 16.67% 9.23% 12.50% 12.50% 11.76% 0.00% 5.41% 3.64% 4.55% 4.86% 7.15%

Unit Type Studio One Bedroom Two Bedroom Three Bedroom+ TOTAL

# of Listings 6 25 119 46 196

# of Sales 1 3 9 6 19

Absorption Rate 16.67% 12.00% 7.56% 13.04% 9.69%

Unit Type Two Bedroom & Under Three Bedroom Four Bedroom Five Bedroom+ TOTAL

# of Listings 43 129 211 274 657

# of Sales 4 10 14 19 47

Absorption Rate 9.30% 7.75% 6.64% 6.93% 7.15%

JEFF FITZPATRICK PERSONAL REAL ESTATE CORPORATION

488 Drake Street Vancouver, BC V6B 5S9 jefffitzpatrick.com | jfitzpatrick@sothebysrealty.ca | 604.612.6120

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FEATURED PROPERTIES | JUNE 2012

FEATURED PROPERTIES (CLICK PROPERTY FOR MORE DETAILS)

JUST SOLD!

NEW PRICE!

107 – 7168 Oak St, Vancouver BC

$495,000

3320 W. 5th Ave, Vancouver BC

$1,119,000

Quiet garden suite 2 Bathrooms Updated kitchen In-suite laundry

2 Bedrooms Large patio Rainscreened 1 Parking

Rear duplex 3 Storeys Open concept In-suite laundry

1,424 sq. ft. 2 Bathrooms New carpets Single car garage

Expansive floorplan 1,095 sq. ft. Hardwood floors 1Storage locker

MLS V942520

Beautifully updated 3 Bedrooms Hardwood Floors Private backyard

MLS V953225

NEW PRICE!

NEW PRICE!

108 – 1925 W. 2nd Ave, Vancouver BC

$419,000

204 – 925 W. 10th Ave, Vancouver BC

$348,000

Garden condo 676 sq.ft. Rainscreened Rainscreened

1 Bathroom Laminate floors In-suite laundry 1 Parking

Renovated view suite 1 Bathroom Updated kitchen No rental restrictions

1 Bedroom Balcony In-suite laundry 1 Locker

1 Bedroom 378 sq.ft. patio New roof, doors, piping Steps to Kits Beach

MLS V945281

JEFF FITZPATRICK PERSONAL REAL ESTATE CORPORATION

Efficient floorplan 646 sq. ft. Laminate floors 1 Parking

MLS V948671

488 Drake Street Vancouver, BC V6B 5S9 jefffitzpatrick.com | jfitzpatrick@sothebysrealty.ca | 604.612.6120

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June 2012 Vancouver Real Estate Sales Absorption Report  

June 2012 month-end Vancouver real estate statistics for Downtown, North Vancouver, West Van, and Vancouver’s East and West side.

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